It is generally known for customers to utilize transaction cards for the purchase of goods and services. The proliferation of transaction cards, which allow cardholders to pay with credit rather than cash, started in the United States in the 1950s. Initial transaction cards were typically restricted to select restaurants and hotels and were often limited to an exclusive class of individuals. Since the introduction of plastic credit cards, the use of transaction cards have rapidly proliferated from the United States to Europe, and then to the rest of the world. Transaction cards are not only information carriers, but also typically allow a consumer to pay for goods and services without the need to constantly possess cash, or if a consumer needs cash, transaction cards allow access to funds through an automatic teller machine (ATM). Transaction cards also reduce the exposure to the risk of cash loss through theft and reduce the need for currency exchanges when traveling to various foreign countries. Due to the advantages of transaction cards, hundreds of millions of cards are now produced and issued annually.
Due to the popularity of transaction cards, numerous companies, banks, airlines, trade groups, sporting teams, clubs and other organizations have developed their own transaction cards. However, with the great quantity of different types of transaction cards that are available for use, merchants must be able to accept the transaction cards for the purchase of goods and/or services. Typically, a merchant must be registered with a transaction card issuer/processor before a consumer can use the transaction card to purchase goods and/or services from the merchant. In addition, a merchant typically needs to have specialized equipment, such as a point-of-sale (“POS”) device for recognizing the transaction card and approving the sale of the goods and/or services via the transaction card to the consumer.
Typically, merchants are solicited by transaction card issuers/processors and/or their agents to receive the ability to provide transaction card products from transaction card holders. In this situation, the agent of the transaction card issuer/processor will contact a merchant and inquire whether the merchant wishes to receive the ability to offer goods and/or services using the particular transaction card. If a merchant wishes to participate, the agent will prepare an application on behalf of the merchant and submit the same for review by the transaction card issuer/processor. Typical information contained on the application may be information relating to the merchant, such as the merchant's name, address, goods and/or services offered for sale and the like. In addition, information, such as banking information, credit information, or other like information may typically be required by a transaction card issuer/processor. The application form is then submitted to the transaction card issuer/processor for review and approval or denial of the application.
This process typically requires time to fill out the application and submit it to the transaction card issuer/processor. Moreover, the transaction card issuer/processor may require human intervention to physically receive the application, review it, and approve or deny the merchant's application. In addition, time and personnel are required to take an application and transform the data into a usable form by the transaction card issuer/processor. Typically, the transaction card issuer/processor cannot review and approve or deny an application until the data contained on the application is in a form that is usable by the transaction card issuer/processor.
In many cases, the agents of the transaction card issuer/processor are contracted to sign up as many merchants as possible. Therefore, agents may require certain information from transaction card issuers/processors relating to the merchants that they sign up, such as statistical information relating to their success rate, information relating to merchants that the transaction card issuer/processor has approved or denied, information relating to merchants that the transaction card issuer/processor has cancelled the ability to offer transactions using the transaction card, or other like information. In addition, agents may independently cancel the ability for merchants to offer transactions using the transaction cards if the merchant does not follow the proper rules and regulations. These reports can be cumbersome and difficult to communicate easily to the agents. Moreover, these reports may contain sensitive and/or proprietary information relating to the agent, the merchant, or the transaction card issuer/processor so security is typically necessary. Currently, unsecured methods of transferring information are used, including mail, e-mail, telephone calls and the like.
In addition, transaction card issuers/processors may provide certain communications and/or correspondence to the agents from time-to-time. These communications and/or correspondence may also be rather cumbersome and difficult to transmit to the agents. Moreover, the communications may be relatively expensive if printing costs are required and if the transmission of these communications are done via mail or private delivery.
A need exists, therefore, for systems and methods for establishing merchant accounts for transaction card usage that is quick, efficient and easy to use. Moreover, a need exists for systems and methods for providing secure reporting between the merchants or agents and the transaction card issuer/processor. In addition, a need exists for providing communications and correspondence from the transaction card issuer/processor to agents and merchants that otherwise would be costly and relatively inefficient.
A need further exists for systems and methods that overcome the problems associated with prior systems and methods as described above.